QCP Asia Colour – 25 March 25 One of the fastest U.S. stock downturns in recent history may well be behind us - or so JPMorgan and a growing chorus of strategists are telling their clients, pointing to a confluence of improving sentiment and historically supportive seasonality. But what seasonality, exactly? Q2, and April in particular, has historically been one of the best periods for risk assets, second only to the festive December rally. The S&P 500 has delivered an average annualised return of 19.6% in Q2, while Bitcoin has also recorded its second-best median performance during this stretch - again, trailing only Q4. Relief rally or sustained rebound? Risk assets staged one of their strongest sessions of the year, helped by a temporary easing of fears around the April 2nd tariff deadline. Trump signalled twice on Monday that trading partners might secure exemptions or reductions, offering a reprieve that helped soothe market jitters. BTC briefly broke above $88K, with alts outperforming in what appears…